Information and Communication Technology Artificial intelligence in service Market is projected to grow up to 49.1% CAGR during the...

Artificial intelligence in service Market is projected to grow up to 49.1% CAGR during the forecasting period 2021-2027.

Artificial Intelligence as a Service (AIaaS) is the provision of artificial intelligence (AI) outsourcing by a third-party service provider. It enables individuals and organisations to investigate a variety of options for a variety of purposes without making a large initial investment in equipment and without taking on significant risk. Most smart vendors, whether they are software companies, consultants, or professional service firms, offer or partner with companies that can provide a comprehensive suite of services to assist in the support of a large-scale artificial intelligence solution. In part, this is due to the fact that AI market service companies are becoming increasingly aware of the fact that it is no longer sufficient to simply offer artificial intelligence software or artificial intelligence tool sets to their clients.

Request for a sample report:

Key Driving Factors: Rise in the demand for Artificial intelligence in service industry

The increase in expenditure on the adoption of artificial intelligence and technological advancement for workflow optimization is increasing the demand for advanced analytical systems in the market. Furthermore, the increase in the adoption of cloud-based solutions, as well as the increase in the demand for artificial intelligence and cognitive computing, are two major factors driving the growth of the market. On the other hand, a scarcity of qualified professionals is expected to put a brake on the expansion. Furthermore, increased application areas as well as an increase in demand for IoT are expected to create lucrative opportunities for the artificial intelligence as a service market.

This report offers the major market player’s profiles, such as  International Business Machines Corporation (IBM, US), SAP SE (Germany), Google (US), Amazon Web Service, Inc (AWS, US), Salesforce (US), Intel (US), Baidu, Inc (China), Fair Isaac Corporation (FICO, US), SAS Institute (US), and BigML (US).

Opportunities: AI in service industry assists in expanding the market for top players

Artificial intelligence is becoming increasingly popular among businesses across industries, thanks to continuous advancements in the field, which have been made possible by increasing investments in research and development by major players. However, the high initial costs associated with AI adoption have for a long time been a barrier to its adoption among small and medium-sized businesses with limited resources. The availability of a large number of vendors offering Artificial Intelligence as a Service at competitive prices is encouraging the uptake of these services, which is in turn stimulating the growth of this market in general.

The Artificial Intelligence as a Service market is expected to grow at a significant rate over the next five years, owing to the need to reduce infrastructure costs and analyse large volumes of data in order to formulate various growth strategies. The increasing demand for AI-powered services in the form of Application Programming Interfaces (APIs) and Software Development Kits (SDKs), as well as the growing number of innovative start-ups, are some of the major factors that are expected to drive the AI as a service market.

By end-users:

Artificial intelligence assists banks in predicting future trends and outcomes because of its ability to forecast future possibilities by analysing historical behaviour. Fraud detection, anti-money laundering pattern detection, and customer recommendation are all made possible by the software used by banks. A higher level of service to a larger number of customers is made possible by artificial intelligence features such as bots, digital payments, and biometric fraud detection systems.

The Global artificial intelligence in service market report has been categorized as below

By Service Type:

  • Software Tools

  • Services

By Software Tool:

  • Data Storage and Archiving

  • Modeler and Processing

  • Cloud and Web-Based Application Programming Interface (APIs)

  • Others (Model Validator, Decision Report/Predictor/Training, and Report Storage)

By Service:

  • Professional Services

  • Managed Services

By Technology:

  • Machine Learning (ML) and Deep Learning

  • Natural Language Processing (NLP)

By Organizations Size:

  • Large Enterprises

  • Small and Medium-sized Enterprises (SMEs)

By Vertical:

  • Banking, Financial, and Insurance (BFSI)

  • Healthcare and Life Sciences

  • Retail

  • Telecommunications

  • Government and defence

  • Manufacturing

  • Energy

  • Others (Education, Agriculture, Transportation, and Media and Entertainment)

By Region

  • North America

  • Europe

  • Asia Pacific

  • Rest of the World

Access to Full Report Summary:

Published Date : July-2021